Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers’ Asia Pacific handling executive of global resources markets Chris Pilgrim applauds the group’s determination and dedication that obtained a suitable purchaser for the prime business office asset. “The significance of the deal of the Samsung SDS Tower to KB Asset Management exists not only in the biggest purchase value of the year, yet also in the potential for further financial investment in prime-rate structures in the Korean marketplace,” Pilgrim puts in.
The deal of the building– which started in the second half of last year– also notes the biggest single-asset workplace transaction in the Asia Pacific area already this year. The 1,071,407 square feet property rises in the expanded location of the Gangnam Business District.
In May, Cho’s team gained attention complying with their successful closure of three major transactions with a mixed price of US$ 780 million. These involved the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only major purchases built in the main market sectors of Seoul during the time.
In the media release, Cho says that he is “extremely honored” of his team’s capabilities and dedication to look for an ideal buyer for the large transaction, in the middle of a subdued commercial real estate market. “This transaction has been taken into consideration a practical financial investment move by KB Asset Management, as it safeguards a steady capital from Samsung SDS making use of the building as its headquarters. This aspect additionally really helped bring in major Korean financiers to the transaction,” Cho claims.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the largest sell the South Korean market to day this annum, according to a news release by the firm on Nov 8.
The purchase is the initial major agreement that real estate industry professional Sungwook Cho, managing director and director of financing markets of Colliers Korea, has actually attained from entering the role at the Nasdaq and Toronto Stock Exchange-listed diversified skilled solutions and investment administration company in July.